Get started with business verification

Verify businesses effectively.

To get started with business verification:

  1. Set up WebSDK integration or use Sumsub API.
  2. Set up a business verification level.
  3. Perform the following checks:
    1. AML screening check.
    2. Automated corporate registry check.
    3. Ownership and management structure check.

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Note

During the KYB checks, all languages and countries are supported except North Korea.

Set up a business verification level

A business verification level regulates the process of collecting information about your applicants. A business verification level structure is similar to the individual verification level structure with some exceptions related particularly to verifying organizations.

To configure a business verification level:

  1. Go to the Companies page, select Create level and configure general level settings.
    1. Provide a name and optional description that you want to use for the new level.
    2. Select a level type:
      1. Standard β€” for standard applicant verification, for example, to onboard new applicants.
      2. Applicant actions β€” to perform additional verification that may be triggered by specific applicant activities. For example, every time your applicants make a transfer or payment, they are asked to confirm their identity by passing an action check. You can use actions for Liveness & Face match, payment method, short video fragment, questionnaire, and selfie checks.
      3. Module β€” allows you to perform a Liveness & Face match check only.
    3. Adjust the additional parameters:
      1. Supported ID documents.
      2. Countries and territories to be included to or excluded from verification.
      3. Source keys.
      4. Watchlists.
      5. Applicant insights β€” to enable Email and phone risk assessment and Advanced IP check.
      6. Customer emails β€” to send emails about verification statuses to your applicants.
      7. Visibility configuration β€” if you want to enable the level only in production mode.
      8. A custom link for data processing consent and text.
  2. Configure the required steps.
    1. Step 1 includes the adjustments regarding the Company data and Beneficiaries.
      1. When checking for Company data, configure the following:
        1. Required documents β€” the document types and minimum number of documents.
        2. Fields to fill in β€” Company name, Country, Registration number, and others.
      2. When checking for Beneficiaries, set up the verification level as follows:
        1. UBOs and Representatives β€” define a verification level that should be passed by your applicants and select the fields for collecting required data.
        2. Shareholders and Directors β€” identify the beneficiary type, verification level to pass, and required fields for submitting data.
    2. Step 2, 3, and 4 can be used for implementing a questionnaire, phone and email verification.
  3. Configure document verification settings that are unique for your level.
  4. Configure AML screening criteria that are unique for your level:
    1. Select a provider for AML Screening and specify the categories of PEPs and persons in watchlists.
    2. From the Adverse Media General drop-down list, select types of compromising published information and/or voiced in media and related to applicants.
    3. Select how strictly the name matching should be performed.
    4. Select the Delegate manual review tasks for ongoing monitoring checkbox if you want all approved applicants in AML lists to be sent to your compliance officers for manual review.

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Note

To select a KYB type, such as Full KYB, Registry and AML Check, and AML Check, contact us.

Configure business verification settings

Configure beneficiary settings on the Business Verification page if you do not want to link existing KYC beneficiaries to KYB profiles β€” a new applicant will be created instead.

Perform screening for legal entities

To run a corporate AML screening check:

  1. Create a business verification level with the following required fields: Company name, Country.
  2. Provide the company name by one of the following methods:
    1. Create an applicant profile in the Dashboard or with this API method.
    2. Generate a verification link and send it to the applicant for collecting data in the WebSDK.
  3. Conduct verification:
    1. When adding the company name via the Dashboard or API, go to the created applicant profile and click Request check.
    2. When collecting details via the WebSDK, the Corporate AML screening is performed automatically.
  4. Review verification results.

Review results

To check the verification results:

  1. Go to the Companies page and open the necessary applicant profile.
  2. Go to the Watchlists section and click View report . The report contains the profile data, search settings, and the list of the sources where matches have been found.

If matches have been found, a final decision can be made by the Sumsub legal officer or delegated to your team. The report is available for downloading in PDF.

Alternatively, use the Sumsub API to obtain the verification status results and applicant data.

Collect and verify company and beneficiaries information

To conduct the automated corporate registry check:

  1. Create a business verification level with the Company name, Registration number, and Country fields to provide.
  2. Submit the Company name, Registration number, and Country details by one of the following methods:
    1. Create an applicant profile in the Dashboard or with this API method.
    2. Generate a verification link and send it to the applicant for collecting data in the WebSDK.
  3. Conduct verification:
    1. When adding the data via the Dashboard or API, go to the created applicant profile and click Request check.
    2. When collecting details via the WebSDK, the Corporate AML screening is performed automatically.
  4. Review verification results.

Review results

To check the verification results:

  1. Go to the Companies page and open the necessary applicant profile.
  2. Go to the Company check section.

The report may contain the following information:

Type of ResultsProvided information
Company informationCompany name, Employer Identification Number (EIN) (if any), Registration number, Status (Active / Inactive), Company Type, Nature of business, Date of incorporation, Registered office address, Company structure.
Company officersFull name, Date of birth, Nationality, Country, Occupation, Appointed on, Correspondence address, Role, Status.
Persons With Significant ControlFull name, Date of birth, Nationality, Country, Occupation, Appointed on, Correspondence address, Nature of control, Status.
Source of InformationLink to a registry from which data is taken.

Alternatively, use this API method to review the results. You can also obtain the verification status results and applicant data.

Establish company structure, approve ownership and verify identity

To configure ownership and management structure check:

  1. Create a business verification level to collect information about the company and its beneficial owners, request documents confirming the entity legal existence, and perform user verification of the UBOs, Shareholders, and Representatives.
  2. Generate verification links.
  3. Review the verification results.

Review results

The check results are shown in the company profile and indicated in the company report. Both contain the company structure, company details, and beneficiaries details.

To review the verification results:

  1. Go to the Companies page and open the necessary applicant profile.
  2. Select Company report, or navigate to the Company Structure and Control and Ownership structure sections.

The company report is available for downloading in PDF, including the results on the Intermediate Shareholders Check .

Alternatively, use the Sumsub API to obtain the verification status results and applicant data.